#365 Nick Sleep's Letters: The Full Collection of the Nomad Investment Partnership Letters
we have argued that the biggest error an investor can make is the sale of Walmart or Microsoft in the early stages of the company's growth we wonder would selling Amazon today be the equivalent mistake of selling Walmart in 1980
Founders Podcast • #365 Nick Sleep's Letters: The Full Collection of the Nomad Investment Partnership Letters
dear Nick thanks for sending along the update you and Zach have made the right choice I predict you will find life is just beginning best regards Warren E Buffett
Founders Podcast • #365 Nick Sleep's Letters: The Full Collection of the Nomad Investment Partnership Letters
Relates to the one big question that Not Boring wrote about
investing is a very rare skill it is not distributed widely and will never be and that has to do with behavior
Founders Podcast • #365 Nick Sleep's Letters: The Full Collection of the Nomad Investment Partnership Letters
Relates to Antonio reminding me that psychology is the greatest edge, xxxx of steel like Dao, and that the world optimises for left brain numbers and data Rory Sutherland.
we are aware that several investors are new to the fund and so it may be worth reiterating some ground rules so that you know where we stand one of nomad's key advantages will be
the aggregate patience of its investor base we are genuinely investing for the long term few are if Nomad is to have a competitive advantage over our peers this will come f
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Related to graham duncan talking about the how relationship between the source and the agent being the most important thing in success of a endevaour or fund in his case.
The long term mindset is related to embrace naivety, an patrick collison the enduring edge being a long term mindset and Sandra talking to me about her friend making a bet and investing five years into video editing.
book it is written by Bob kierin who's the founder of fenol that book and the way Bob ran fenol all centers around this one idea that the leader of a company has to keep the entire organization committed to a common goal Costco's common goal is that we are going to commit to this everyday low
pricing strategy and they commit to it every single minut
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our manager has already made his first mistake in investing in Costco from not buying enough
Founders Podcast • #365 Nick Sleep's Letters: The Full Collection of the Nomad Investment Partnership Letters
This is is the hardest part. You need to have money available, have enough conviction and be willing withstand the pressure for yeares
don't spend any time worrying about what other investors do I spent all my time studying great companies and studying great Industries if Nick and Zach were worried about what other investors were doing at this time they wouldn't be doing what they're doing they wouldn't have been buying Amazon they wouldn't have been talking about Costco
Founders Podcast • #365 Nick Sleep's Letters: The Full Collection of the Nomad Investment Partnership Letters
Li Lu & Nick Sleep
you have to be a learning machine you have to be doing the work now he he
referenced many times that it takes a long time now but it makes you go faster later on but that you'll study something he would study like an American company for like 15 years it would take him 15 years to find the Asian counterpart Nick is telling us something very similar
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First part is Li Lu
Is this what I've been doing? I've been preparing and learning constantly to get to this point. And that's the long term mindset combined with a single idea and the memory as a service. I want you to encourage and explore but also to learn so that when you're ready you'll have done all the preparation you need to seize the opportunity.
it's aggravating to buy just a little bit but this is a hard question to answer so it says in reality opportunities in which we are comfortable to deploy Capital are rare and the highest conviction idea is the rarest of them all the issue then is
how much to invest in each idea and this is Nick's takeaway from thinking about the Kelly Criterion the
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